dealer who have VAT invoice and would like to take credit of Excise duty @ 40%/60% of CGST.
How and where it will be entered in TRAN-1.
1. TOTAL AMOUNT (Invoice amt.with VAT/ Invoice Amount without VAT/Actual Sale Price of Goods)
2. Input Credit on above should mentioned in Tran-1 or only above figure will be reported.
3. On Which point it will be reported in Tran-1. ( Point no.7A may be).
kindly clarify.
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Tran 1, Excise credit on Vat invoice
Replies (5)
1. Value of the closing stock. i.e., Invoice amount without VAT. (assuming VAT credit is taken and VAT is not included in stock price)
2. Value of excise duty for which credit is not taken, but mentioned in the invoice.
3. 7A
100% credit of excise duty can be taken as per sec.140(3)
in case Excise invoice not with us what will be the entry in 7A and on Which amount?
Then you have to fill 7B. not 7A. And 60%/40% credit accordingly
7B is for (Goods in Transit ) billed in VAT regime and Goods rec'd in GST regime.
No. As per PDF form available in CBEC website, 7B is a part of 7(a). But if you look at the online tran-1, there is no 7A or 7B. It is only 7(a).
What you are refering is actually 7(b).
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